Credit financing provided by UAE national banks to the trade and industry sectors experienced a year-on-year growth of 6.1%, equivalent to AED 42.5 billion, during the first quarter of 2023, according to recent data released by the Central Bank of the UAE (CBUAE).
The data revealed that the total cumulative credit balance extended by national banks to these sectors reached AED 735.2 billion by the end of March, compared to approximately AED 692.7 billion during the same period last year.
On a monthly basis, the cumulative credit balance provided by national banks to the trade and industry sectors increased by 0.1%, or AED 500 million, from AED 734.7 billion in February.
Emirati banks accounted for 90.1% of the total credit granted to these sectors, amounting to AED 815.9 billion by the end of March, while foreign banks based in the country contributed 9.9%, or AED 80.7 billion.
In terms of regional distribution, credit financing for the two sectors in Abu Dhabi reached AED 673.6 billion, constituting 82.6% of the total, with Sharia-compliant banks making up 17.4%, or approximately AED 142.3 billion. In Dubai, the credit balance amounted to AED 384.7 billion, while in other emirates, it reached AED 100.6 billion.
News Source: Emirates News Agency